Some venture capital firms and angel investors are reportedly using market-making firms to trade off-market and circumvent lock-up periods for crypto tokens. Market-making firms like Wintermute, Flowdesk, and Caladan are allegedly involved in facilitating these trades, while GSR and Nomura Holdings Inc.'s Laser Digital are also said to be engaged in this practice. The market makers are creating secondary markets for locked-up tokens, which allows investors to offload their tokens before they can be traded on the open market. Critics argue that this practice hurts the concerned projects, while others believe it can benefit everyone if the project approves the secondary sale.



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